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☆ Apollo CEO Marc Rowan defends private credit from Jamie Dimon, saying shadow banking 'makes the system safer.'
▼ + stars: | 2024-05-30 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

Tighter bank lending means more opportunities for private lenders to lend and make outsize returns on their loans. Financial industry titans Jamie Dimon and Marc Rowan have been trading opposing views on the burgeoning sector for the last year. Last year, Rowan responded to Dimon's comments that higher capital requirements for banks had private lenders like Apollo "dancing in the streets." AdvertisementRowan on Thursday responded by saying that the private-credit industry helps reduce systemic risk caused by the traditional banking industry. "Jamie is an amazing representative of the banking industry," Rowan said.

Persons: —, Jamie Dimon, Marc Rowan, Dimon, JPMorgan Chase, Rowan, Apollo, Jamie, Blackstone, — I've, Bernstein, Dimon's Organizations: Service, Financial, JPMorgan, Business, Bank of America Global Research, Apollo Locations: New York City

☆ Trump's Republican megadonors shrug off his guilty verdict
▼ + stars: | 2024-05-30 | by ( Brian Schwartz | ) www.cnbc.com time to read: +5 min

Biden's team announced that its political operation, which includes the Democratic National Committee, raised $51 million in the same period. A guilty verdict is a "non-issue," said David Tamasi, a Republican fundraiser and a managing director at lobbying firm Chartwell Strategy Group. Tamasi raised money for Trump's 2020 campaign and for former New Jersey Governor Chris Christie's failed primary run against Trump last year. All of them are going back to help raise money for Trump, in spite of the guilty verdict. After not backing any of the Republican primary contenders, Schwarzman announced that he will support Trump's White House bid.

Persons: Trump, megadonors, Joe Biden, Andy Sabin, Donald Trump, Biden's, Republican megadonors, Ray Washburne, Washburne, Omeed Malik, Malik, David Tamasi, would've, he's, Tamasi, Chris Christie's, he'd, Jan, Blackstone, Steve Schwarzman, Schwarzman, Trump's, Axios, Michael Cohen Organizations: Republican, CNBC, Trump, Republican megadonors, RNC, Democratic National Committee, America, Republican National Committee, Chartwell, New, GOP Locations: Trump's, New York, Republican megadonors . Texas, Dallas, U.S, Mexico, Ukraine, Gaza, New Jersey, Trump's New York

☆ Blackstone's Nadeem Meghji: Data centers are the most exciting asset class across our entire firm
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackstone's Nadeem Meghji: Data centers are the most exciting asset class across our entire firmNadeem Meghji, global co-head at Blackstone Real Estate, joins 'Squawk on the Street' to discuss if data centers are the most interesting section of real estate, the states in the mix for data centers, and more.

Persons: Blackstone's Nadeem Meghji, Nadeem Meghji Organizations: Blackstone Real

☆ Blackstone CEO Steve Schwarzman says he will back Trump, citing concerns over rise in antisemitism
▼ + stars: | 2024-05-27 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +1 min

Steve Schwarzman has endorsed Donald Trump's reelection bid. Schwarzman cited concerns over antisemitism and the "direction" of the country. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe CEO of Blackstone, Steve Schwarzman, has said he will back Donald Trump's reelection bid, citing concerns over "the dramatic rise of antisemitism" and the "direction" of the country. In a statement to Axios, Schwarzman said: "The dramatic rise of antisemitism has led me to focus on the consequences of upcoming elections with greater urgency."

Persons: Steve Schwarzman, Donald Trump's, Schwarzman, —, Blackstone, Donald Trump Organizations: Service, Republican, Business

☆ Billionaire GOP donor Stephen Schwarzman backs Trump in ‘vote for change’
▼ + stars: | 2024-05-25 | by ( Kayla Tausche | ) edition.cnn.com time to read: +2 min

CNN —Billionaire businessman and lifelong Republican Stephen Schwarzman said Friday he will support the candidacy of Donald Trump with a “vote for change” after years of declining to back a particular GOP presidential candidate. For these reasons, I am planning to vote for change and support Donald Trump for President. Ron DeSantis in May 2023 after a meeting with the Republican presidential hopeful left Schwarzman uninspired. Schwarzman supported Trump in the 2016 election and became a trusted adviser once Trump took office. Gray, the billionaire heir apparent to Schwarzman, has hosted fundraisers for President Joe Biden in the 2024 cycle.

Persons: Stephen Schwarzman, Donald Trump, Schwarzman, Blackstone, Ron DeSantis, Trump, ” Schwarzman, Jon Gray, Hillary Clinton, Joe Biden, Gray Organizations: CNN —, Republican, Trump, Republican Party, Florida Gov, Blackstone Locations: America, Charlottesville, Schwarzman

☆ Billionaire investor Barry Sternlicht, master of the downturn, is now embroiled in one
▼ + stars: | 2024-05-24 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +6 min

Read previewBarry Sternlicht became a real estate billionaire by snapping up commercial properties on the cheap during market downturns. The 63-year-old Miami-based executive, who built his firm Starwood Capital into a more than $100 billion real estate investment behemoth, has now found himself on the flipside of that formula. The situation is a reversal of fortune for Sternlicht, who is more used to capitalizing on real estate dips than becoming entangled in them. But investor sentiment darkened as interest rates rose and put pressure on real estate asset values. "They're concerned that there may be more markdowns in net asset value if interest rates stay higher for longer.

Persons: —, Barry Sternlicht, SREIT, Sternlicht, Matt Malone, REITs, Malone, Kevin Gannon, Gannon, Jon Mechanic, Fried Frank, Mechanic, Barry Organizations: Service, Starwood Capital, Starwood, Income Trust, Business, Federal Reserve, Shareholders, Westin, Caesars, Opto Investments Locations: Miami, Vegas, SREIT

☆ Homes on billionaire hot spot Nantucket are falling into the ocean at an alarming rate — but the wealthy won't stop buying
▼ + stars: | 2024-05-24 | by ( Madeline Berg | Dan Latu | ) www.businessinsider.com time to read: +14 min

Over the past two centuries, Nantucket has gone from a whaling town to a hippie refuge to a holiday hot spot for billionaires. "To use a well-worn phrase, come hell or high water, people are still buying multimillion-dollar homes on Nantucket." Between 2030 and 2100, the number of structures exposed to coastal erosion is expected to go from 113 to 860. "Without erosion, this would be an extremely valuable area," Baxter Road resident Joshua Posner told BI. "It's not inexpensive, but it is worth doing," Posner told BI.

Persons: Steve Schwarzman, Eric Schmidt, Barry Sternlicht, Elizabeth Gibson, David L, Ryan, Bruce Percelay, Edward Sanford's, he'd, Percelay, Greg Mckechnie, you'd, Barry Sternlicht's, Suzanne Kreiter, Shelly Lockwood, who's, I'm, Joshua Posner, Jack Welch, Bill Belichick, —, Sanford, Lockwood, Nature, Yorker Brendan Maddigan, Maddigan, Mckechnie, Schwarzman, She's, Posner, he's, Helmut Weymar, Anne Atherton Organizations: Resilience, Business, Boston Globe, Getty, Estate, Nantucket, Coastal, Nantucket's Cisco, Cisco, Beach, Patriots, Yorker, Preservation Fund, Baxter, Conservation, Conservancy, The New York Times, Conservation Commission, Nature Locations: Nantucket, England, Cape Cod, Nantucket's, Madaket, Sconset, Brant, Baxter

☆ Corporate America is going through a middle-management meltdown
▼ + stars: | 2024-05-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Middle managers are becoming an endangered species in Corporate America, with some companies viewing the role as obsolete , writes Business Insider's Lindsay Dodgson. Remote work, tech efficiencies, and a general push to cut costs have contributed to middle managers' demise. It's a strategy Corporate America, particularly Big Tech, deployed in 2023. The "year of efficiency," as Mark Zuckerberg dubbed it, was all about flattening organizations, and middle managers were the ones getting squished . The death of middle managers could also fuel the current dismantling of another cohort: the middle class .

Persons: —, Brooks Kraft, Insider's Lindsay Dodgson, millennials, Gen Zers haven't, Robyn Phelps, they're, Mark Zuckerberg, Gen, Jeffrey Gundlach, we're, Blackstone, Abanti Chowdhury, Jensen Huang, Hopper, Blackwell, Lilit, Tyler Le, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Brooks Kraft LLC, Getty, America, Big Tech, Citi, Street Journal, KKR, Meta, Google, Nvidia, Paragon Intel, National Association of Realtors, FAA Locations: Corporate America, millennials, New York, London

☆ Blackstone is set to give workers a stake in the companies it buys
▼ + stars: | 2024-05-22 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Blackstone is set to grant shares to workers at the businesses it buys, The Wall Street Journal reported. It's set to award stock to employees at Copeland, which it bought last year for $14 billion. Other private equity giants including KKR and Apollo also offer equity to portfolio companies' staff. AdvertisementBlackstone is set to start granting stock to its portfolio companies' employees, The Wall Street Journal reported. The private equity giant's plans to give equity to workers at most of the large US-based businesses it buys are expected to be announced at a conference this week.

Persons: Blackstone, It's, — Organizations: Street Journal, KKR, Apollo, Service, Emerson Electric, Business Locations: Copeland

☆ America's highest-earning CEO was awarded a staggering $162 million last year — but there's a catch
▼ + stars: | 2024-05-21 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Broadcom boss Hock Tan is the highest-earning CEO in the US, per a Wall Street Journal analysis. But Tan has to fulfill certain criteria to get his full $162 million pay package. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAmerica's highest-paid CEO isn't Apple's Tim Cook, Tesla's Elon Musk, or Meta Platforms' Mark Zuckerberg — it's Broadcom's Hock Tan, The Wall Street Journal found in an analysis published this week. Tan was awarded $162 million in compensation last year, but it comes with a catch: he'll only receive the full amount if his company's stock hits a certain level by 2025, the WSJ said.

Persons: Hock Tan, Tan, Nikesh Arora, Steve Schwarzman, —, isn't, Tim Cook, Tesla's Elon, Mark Zuckerberg, Broadcom's Hock Tan Organizations: Broadcom, Palo Alto Networks, Service, Journal, Business

☆ Rare footage shows deep-sea creature attacking camera
▼ + stars: | 2024-05-20 | by ( Maya Blackstone | ) edition.cnn.com time to read: 1 min

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☆ AI infrastructure startup CoreWeave raises $7.5 billion in debt deal led by Blackstone
▼ + stars: | 2024-05-17 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Fresh off a $1.1 billion equity funding round, artificial intelligence infrastructure startup CoreWeave has raised $7.5 billion in debt to more heavily invest in its cloud data centers. That means CoreWeave, backed by Nvidia, is going up against the world's top cloud infrastructure operators, including Amazon and Google . On its website, CoreWeave claims to have lower on-demand prices than any major cloud company. Even Microsoft , the world's second-largest provider of cloud infrastructure, has started relying on CoreWeave to help supply OpenAI with the computing power it needs. Such GPUs were used as collateral in a $2.3 billion debt round last year, Reuters reported.

Persons: Michael Intrator, CoreWeave, ChatGPT, Colette Kress Organizations: CNBC, Investors, Nvidia, Amazon, Google, Microsoft, Citigroup, Reuters Locations: Carlyle, BlackRock

☆ Why the biggest real estate funds still struggle
▼ + stars: | 2024-05-17 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Read previewBlackstone, the world's largest landlord, contends the worst is over for commercial real estate. In the first quarter, shareholders in Blackstone Real Estate Income Trust, or BREIT, its $59 billion flagship real estate investment fund, pulled out almost a billion dollars a month on average, according to the company's first-quarter earnings statement. A similar investment fund operated by Barry Sternlicht's Starwood Capital has had an even greater retreat by investors. Share pricing is determined through appraisals of the value of the underlying real estate holdings. In May, Blackstone Real Estate Partners X also completed the $3.5 billion acquisition of Tricon Residential, an owner of single family rental homes.

Persons: —, Barry Sternlicht's, Kevin Gannon, BREIT, reinvigorating, anemic, REITs, Jonathan Gray, Blackstone Heidi Gutman, NBCUniversal, Jon Gray, they're, Gray, outperformance, redemptions, Blackstone, Gannon, They're, Sternlicht, Todd Henderson, REIT, Henderson, It'll Organizations: Service, Investors, Income Trust, Business, Barry Sternlicht's Starwood Capital, Starwood Real, Blackstone, Starwood, KKR, Apollo, Federal Reserve, Communities, Blackstone Real Estate Partners, Tricon Locations: Blackstone, Brookfield, BREIT, Tricon, Nashville, DWS

☆ Squarespace to go private in $7 billion private-equity deal
▼ + stars: | 2024-05-13 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The New York Stock Exchange welcomes Squarespace, Inc. (NYSE: SQSP), on May 19, 2021, in celebration of its Direct Listing. Squarespace , the website-building platform, announced on Monday it would go private in a $6.9 billion all-cash deal with private-equity firm Permira, after nearly three turbulent years on the public market. All three have approved the transaction and will continue to be investors after the Permira deal closes. Qualtrics, for example, was spun off from SAP in 2021 and was quickly taken private again in 2023 by Canada's pension plan and Silver Lake in a $12.5 billion deal. Japanese giant Toshiba also went private in 2023 in a $13.6 billion deal, after years of speculation and tumult, including a sustained engagement with activist investor Elliott.

Persons: Squarespace, Permira, Anthony Casalena, Ares Capital, Anthony, David Erlong, Squarespace's, Elliott, Morgan, Skadden, Richards, Layton, Finger, Goldman Sachs, Watkins Organizations: New York Stock Exchange, Inc, Accel, General Atlantic, Ares, Blackstone, SAP, Toshiba, Investors, Latham Locations: J.P

☆ Tony Awards 2024: Print Your Ballot!
▼ + stars: | 2024-05-13 | by ( ) www.nytimes.com time to read: +5 min

Best New Play "Jaja's African Hair Braiding" ☐ "Mary Jane" ☐ "Mother Play" ☐ "Prayer for the French Republic" ☐ "Stereophonic" Best New Musical "Hell's Kitchen" “Illinoise" ☐ "The Outsiders" ☐ "Suffs" "Water for Elephants" Best Play Revival ☐ “Appropriate" ☐ “An Enemy of the People" "Purlie Victorious" Best Musical Revival ☐ "Cabaret" ☐ “Gutenberg! The Musical!" "Merrily We Roll Along" "The Who's Tommy" Best Book of a Musical ☐ Bekah Brunstetter, "The Notebook" Kristoffer Diaz, "Hell's Kitchen" ☐ Rick Elice, "Water for Elephants" ☐ Adam Rapp with Justin Levine, "The Outsiders" ☐ Shaina Taub, "Suffs" Best Leading Actor in a Play ☐ William Jackson Harper, "Uncle Vanya" Leslie Odom Jr., "Purlie Victorious" ☐ Liev Schreiber, "Doubt" Jeremy Strong, "An Enemy of the People" ☐ Michael Stuhlbarg, "Patriots" Best Leading Actress in a Play ☐ Betsy Aidem, "Prayer for the French Republic" 0000 Jessica Lange, "Mother Play" Rachel McAdams, "Mary Jane" Sarah Paulson, "Appropriate" ☐ Amy Ryan, "Doubt" Best Leading Actor in a Musical ☐ Brody Grant, "The Outsiders" ☐ Jonathan Groff, "Merrily We Roll Along" Dorian Harewood, "The Notebook" ☐ Brian d'Arcy James, "Days of Wine and Roses" ☐ Eddie Redmayne, "Cabaret" The New York Times 2024 Tony Awards Ballot Best Leading Actress in a Musical Eden Espinosa, "Lempicka" ☐ Maleah Joi Moon, "Hell's Kitchen" Kelli O'Hara, "Days of Wine and Roses" ☐ Maryann Plunkett, "The Notebook" ☐ Gayle Rankin, "Cabaret" Best Featured Actor in a Play ☐ Will Brill, “Stereophonic" Eli Gelb, "Stereophonic" ☐ Jim Parsons, "Mother Play" Tom Pecinka, "Stereophonic" Corey Stoll, "Appropriate" Best Featured Actor in a Musical ☐ Roger Bart, "Back to the Future" ☐ Joshua Boone, "The Outsiders" ☐ Brandon Victor Dixon, "Hell's Kitchen" ☐ Sky Lakota-Lynch, "The Outsiders" ☐ Daniel Radcliffe, "Merrily We Roll Along" ☐ Steven Skybell, "Cabaret" Best Featured Actress in a Play ☐ Quincy Tyler Bernstine, "Doubt" ☐ Juliana Canfield, ☐ "Stereophonic" Celia Keenan-Bolger, "Mother Play" Best Direction of a Musical ☐ Maria Friedman, ㅁㅁㅁ ㅁ "Merrily We Roll Along" Best Lighting Design of a Musical ☐ Brandon Stirling Baker, "Illinoise" Michael Greif, "Hell's Kitchen" ☐ Isabella Byrd, "Cabaret" Leigh Silverman, "Suffs" ☐ ☐ Jessica Stone, "Water for Elephants" ☐ Danya Taymor, "The Outsiders" Best Scenic Design of a Play Natasha Katz, "Hell's Kitchen" ☐ Bradley King and David Bengali, "Water for Elephants" ☐ Brian MacDevitt and Hana S. Kim, "The Outsiders" Best Sound Design dots, "An Enemy of the People" of a Play ☐ dots, "Appropriate" Derek McLane, "Purlie Victorious" David Zinn, "Jaja's African Hair Braiding" David Zinn, "Stereophonic" Best Scenic Design of a Musical ☐ AMP featuring Tatiana Kahvegian, "The Outsiders" ☐ Robert Brill and Peter Nigrini, "Hell's Kitchen" ☐ Tim Hatley and Finn Ross, "Back to the Future" ☐ Riccardo Hernández and Peter Nigrini, "Lempicka" ☐ Takeshi Kata, "Water for Elephants" David Korins, "Here Lies Love" ☐ Tom Scutt, "Cabaret" Best Costume Design of a Play ☐ Dede Ayite, "Appropriate" ☐ Dede Ayite, "Jaja's African Hair Braiding" ☐ Sarah Pidgeon, "Stereophonic" ☐ Enver Chakartash, ☐ Kara Young, "Purlie Victorious" Best Featured Actress in a Musical ☐ Shoshana Bean, "Hell's Kitchen" ☐ Amber Iman, "Lempicka" Nikki M. James, "Suffs" ☐ ☐ Leslie Rodriguez Kritzer, "Spamalot" Kecia Lewis, "Hell's Kitchen" ☐ Lindsay Mendez, "Merrily We Roll Along" ☐ Bebe Neuwirth, "Cabaret" Best Direction of a Play Daniel Aukin, "Stereophonic" ☐ Anne Kauffman, "Mary Jane" Kenny Leon, "Purlie Victorious" Lila Neugebauer, "Appropriate" Whitney White, ☐ ☐ ☐ ☐ ☐ "Jaja's African Hair Braiding" ☐ ☐ "Stereophonic" ☐ Justin Ellington and Stefania Bulbarella, "Jaja's African Hair Braiding" ☐ Leah Gelpe, "Mary Jane" ☐ Tom Gibbons, "Grey House" ☐ Bray Poor and Will Pickens, "Appropriate" ☐ Ryan Rumery, "Stereophonic" Best Sound Design of a Musical ☐ M.L. Dogg and Cody Spencer, "Here Lies Love" Kai Harada, "Merrily We Roll Along" ☐ Nick Lidster, "Cabaret" ☐ Gareth Owen, "Hell's Kitchen" ☐ Cody Spencer, "The Outsiders" Best Original Score Will Butler, "Stereophonic" ☐ Adam Guettel, "Days of Wine and Roses" ☐ Jamestown Revival and Justin Levine, "The Outsiders" ☐ David Byrne and Fatboy Slim, "Here Lies Love" ☐ Shaina Taub, "Suffs" Emilio Sosa, "Purlie Victorious" Best Choreography David Zinn, "An Enemy of the People" Best Costume Design of a Musical ☐ Dede Ayite, "Hell's Kitchen" ☐ Linda Cho, "The Great Gatsby" ☐ David Israel Reynoso, "Water for Elephants" Tom Scutt, "Cabaret" ☐ Paul Tazewell, "Suffs" Best Lighting Design of a Play ☐ Isabella Byrd, "An Enemy of the People" ☐ Amith Chandrashaker, "Prayer for the French Republic" Jiyoun Chang, “Stereophonic" Jane Cox, "Appropriate" ☐ Natasha Katz, "Grey House" ☐ Camille A. Brown, "Hell's Kitchen" ☐ Shana Carroll and Jesse Robb, "Water for Elephants" ☐ Rick and Jeff Kuperman, "The Outsiders" ☐ Annie-B Parson, "Here Lies Love" Justin Peck, "Illinoise" Best Orchestrations ☐ Timo Andres, "Illi

Persons: Mary Jane, Tommy, Bekah, Kristoffer Diaz, Rick Elice, ☐ Adam Rapp, Justin Levine, ☐ Shaina Taub, William Jackson Harper, Uncle Vanya, Leslie Odom Jr, ☐ Liev Schreiber, Jeremy Strong, Michael Stuhlbarg, Betsy Aidem, Jessica Lange, Rachel McAdams, Sarah Paulson, Amy Ryan, Brody Grant, Jonathan Groff, Dorian Harewood, Brian d'Arcy James, Eddie Redmayne, Eden Espinosa, Maleah Joi Moon, Kelli O'Hara, ☐ Maryann Plunkett, ☐ Gayle Rankin, Will Brill, Eli Gelb, Jim Parsons, Tom Pecinka, Corey Stoll, Roger Bart, Joshua Boone, ☐ Brandon Victor Dixon, Lynch, ☐ Daniel Radcliffe, Steven Skybell, Quincy Tyler Bernstine, Juliana Canfield, Celia Keenan, Bolger, Maria Friedman, ㅁㅁㅁ, Brandon Stirling Baker, Michael Greif, Isabella Byrd, Leigh Silverman, Jessica Stone, Natasha Katz, ☐ Bradley King, David Bengali, Brian MacDevitt, Hana S, Kim, Derek McLane, David Zinn, Tatiana Kahvegian, ☐ Robert Brill, Peter Nigrini, Tim Hatley, Finn Ross, Riccardo Hernández, Takeshi Kata, David Korins, Tom Scutt, Dede Ayite, Sarah Pidgeon, Enver Chakartash, ☐ Kara Young, Shoshana Bean, Amber Iman, Nikki M, James, ☐ Leslie Rodriguez Kritzer, Kecia Lewis, ☐ Lindsay Mendez, Bebe Neuwirth, Daniel Aukin, Anne Kauffman, Kenny Leon, Lila Neugebauer, White, Justin Ellington, Stefania Bulbarella, Leah Gelpe, ☐ Tom Gibbons, ☐ Bray, Will Pickens, Ryan Rumery, Cody Spencer, Kai Harada, Nick Lidster, ☐ Gareth Owen, ☐ Cody Spencer, Will Butler, Adam Guettel, ☐ David Byrne, Fatboy Slim, Shaina Taub, Emilio Sosa, Linda Cho, ☐ David Israel Reynoso, ☐ Paul Tazewell, Jiyoun Chang, Jane Cox, Camille A . Brown, ☐ Shana Carroll, Jesse Robb, Rick, Jeff Kuperman, Annie, Parson, Justin Peck, ☐ Timo Andres, Tom Kitt, Adam Blackstone, Justin Craig, Matt Hinkley, Jonathan Tunick Organizations: Patriots, New York Times, Lakota, ☐ Bray Poor Locations: Republic, Jamestown

☆ ‘Use your privilege’: Hear Jerry Seinfeld’s advice to 2024 grads
▼ + stars: | 2024-05-12 | by ( Maya Blackstone | ) edition.cnn.com time to read: 1 min

☆ These are the top business-development execs competing to hire elite portfolio managers at hedge fund giants Citadel, Millennium, Point72, and more
▼ + stars: | 2024-05-08 | by ( Alex Morrell | ) www.businessinsider.com time to read: +34 min

Unlike business development in corporate America, which focuses on growing a company's prospects with partners and clients, hedge fund BD teams specialize in scouting, evaluating, and wooing investment talent. AdvertisementFew have been involved in hedge fund BD longer than Jennifer Blake, Balyasny's global head. The fund's BD department remains in close contact with PMs after they join as a resource and advisor. Vernon Yuen/Getty Images$61 billion AUM2,200+ employeesAdvertisementKen Griffin's Citadel has outperformed not just its immediate rivals but every other hedge fund. He runs a team of about 20 as head of business development in the Americas, the largest region of the largest player in this space.

Persons: —, Griffin's, Izzy Englander's, Goldman Sachs, Headcount, execs, Dmitry Balyasny, Brendan McDermid, Jennifer Blake, Balyasny's, Morgan Stanley, Dmitri Balyasny's, Blake, it's, Federico Chavarria, Balyasny, Dave Matz, Smith Hanley, Alistair Jacobs, Dave Black, Peter Appel, Federico Chavarria MD, Andrew McHugh, Jules Biolsi, Michael Platt, he's, BlueCrest, Michael Grad, Grad, Jake Lindsay, Mungo Strachan, BlueCrest's, Brevan Howard Brevan Howard, Alan Howard, Ringo Chiu, Brevan Howard, Alan Howard's, Aran Landy, Brevan, Abu, It's, Landy, Howard, Peter Hornick, David Abbou, Jonathan Candy, Gregoire Vidal, Vidal, Tim Williams, Andy Silver, Gautam, Ken Griffin, Vernon Yuen, Ken Griffin's, Griffin, Matt Giannini, Giannini, headhunter, Matt, I've, — Thomas DeAngelis, Lindsay Previdi, Rice, Dore, Eleanor Sharkey, Melinda Urban, Mark Hansen, Julian Ulmer, Mathur, Adam Sharkie, Michael Page, Eisler, Edward Eisler, Sam Wisnia, Chris Milner, Milner, Hilary Curran, Hilary Curran Global, Rebecca Zisser, Michael Gelband, Hornick, Jeff Gelband, Mike Tiano, Eric Han, Garrett Berg, Liu, APAC Blackstone, Euan Shand, Kevin Carroll, Emily, Needham, Ostendorf, Ben Levine, Stefan Renold, LMR, Marcus Fairhurst, He'd, LMR's, Izzy, Ronda, Singh, Mark Meskin, Justin Gmelich, Steve Keller, Benjamin Williams, Madhvani, Paritosh Singh, Ben Williams, Kristina Tully, Steven Cohen, Point72, Shayanne, Steve Cohen's, Harry Schwefel, Chandler, Steve Cohen, JT Shields, They're, Schwefel, Alyssa Friedman —, Chandler Bocklage, Reid Murphy, Jae Yang, Japan Goldman Sachs, Alyssa Friedman, Jackie Dai, Gabriel Sanders, Ajay, Steven Schonfeld, Michael Nagle, Steve Schonfeld's, Ryan Tolkin, Schonfeld, doesn't, Akshay Aggarwal, Alex Burns, Ryan McCort, Colin Lancaster, Mitesh, Sameer Buch, Brittany Lynch, DMFI, Goldman, Verition, Nicholas Maounis, Josh Goldstein, Brian Townes, Townes, Elizabeth Xiang MD, Vir, Steve Satenstein, Chris Svoboda, Will England, Thomas DeAngelis, DeAngelis, Jonathan Brenner, hasn't, Maureen Reed, John Sullivan, Brenner, Walleye's Organizations: Service, Management, Wall, Business, Balyasny, Balyasny Asset Management, Quadra Advisors, SAC, Macquarie, BD, UBS, Grad, Financial Times, Michael, Lascaux, Howard BD, Brevan, Argentum Advisors, BH Digital, McKinsey & Company, JPMorgan, Ken Griffin's Citadel, Citadel, Citadel's, decamping, Chicago, Citadel BD, Walleye Capital, of Surveyor, Millennium, Capital, Credit, Ashler, Rice, Deutsche Bank, LMR Partners, London, Dore Partnership, Soros, Soros Fund, Ronda Churchill, Bloomberg, Getty, Guggenheim, Industry, MLP, Americas Guggenheim, Americas Citadel, SAC Capital, SEC, Point72 Academy, Citigroup, BD Energi, Japan, EMEA, APAC BNP, Schonfeld, PAAMCO, KKR, DMC Partners, Topwater, LinkedIn, New, New Holland Capital, BD —, Walleye, Lehman Brothers, Hutchin, Putnam Investments, ~$ Locations: America, Asia, Balyasny, Blackstone, New Holland, Abu Dhabi, BlueCrest, Europe, Graticule, ExodusPoint, Hornick, Freestone, New York, Schonfeld, Brevan, he's, Aberdeen, Hong Kong, Zurich, Glasgow, Dubai, Americas, Point72, quant, Verition, London, Greenland, Minnesota, Citadel

☆ Blackstone says the real-estate market is bottoming. Here are 7 ways it's getting ahead of the situation.
▼ + stars: | 2024-05-08 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +2 min

This story is available exclusively to Business Insider subscribers. We found the firm has been spending on distressed real estate, such as its purchase of loans from the FDIC after the failure of Signature Bank, as well as investments in buzzy real estate, like data centers. In a January earnings call, Blackstone president Jonathan Gray announced that commercial real estate, which recently suffered its biggest price declines in half a century, could soon hit bottom. "While it will take time, we can see the pillars of a real estate recovery coming into place." Here are the 7 recent real estate and real-estate-adjacent deals that show how Blackstone is trying to get ahead of the CRE bottom in chronological order.

Persons: Jon Gray, Blackstone, Gray, Jonathan Gray Organizations: Business, Signature Bank

☆ Apple wants to give the iPad a boost
▼ + stars: | 2024-05-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The tech giant's event will reportedly showcase a new family of… iPads and iPad accessories. But Apple's event , which kicks off at 10 a.m. EST, is looking to give the iPad a boost. iPhone sales have noticeably dipped, which is why you're hearing Apple tout its "services" business , writes BI's Peter Kafka. And the new product Apple wants you to be excited about — the Vision Pro — hasn't lived up to the hype. a16z joins the Big Tech "fake work" debate.

Persons: —, Tyler Le, they're, iPads, Antonio Villas, Boas, BI's Peter Kafka, Peter, hasn't, Katie Notopoulos, Wall, Lauren DeCicca, Tim Cook, Katie, aren't, I'd, we'll, I'm, Alyssa Powell, Danielle DiMartino Booth, James Devaney, Roger Kisby, Jack Dorsey's, Elon, Dorsey, Elon Musk, Satya Nadella, OpenAI, Jeff Bezos, Mark Zuckerberg, Warren Buffett, Berkshire Hathaway, a16z, Emily Sundberg, Andreessen Horowitz, David Ulevitch, Vladimir Putin, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Apple, Google, Getty, US Treasury, National Bureau of Economic Research, Images, Penske Media, Microsoft, Tech, Paramount, Berkshire, Big Tech, Walt Disney Company Locations: BREIT, New York, London

☆ Murder of three surfers highlights Mexico’s unsolved crime crisis
▼ + stars: | 2024-05-07 | by ( Maya Blackstone | ) edition.cnn.com time to read: 1 min

The numbers behind a big fundOn Wall Street, one mystery has been whispered about for months: How accurate is the valuation of Blackstone’s flagship real estate fund? The speculation has arisen because the fund, the $59 billion Blackstone Real Estate Income Trust — more commonly known as BREIT — has managed to keep an “appraised” value of its assets that far exceeds virtually every other real estate fund. Many rivals have fallen in value, some quite dramatically, in the face of high interest rates and a flagging property market. BREIT’s performance has floated above its competition, and it has boasted a 10.5 percent annual return since its 2017 debut. (Those appraisals help to determine a firm’s management fees: The higher the appraisal value, the higher the fees.)

Persons: —, Blackstone, DealBook’s Andrew Ross Sorkin, Michael de la Organizations: Blackstone Real Locations: Michael de la Merced

☆ Inside the Growing Alarm Over Blackstone's BREIT Real-Estate Fund
▼ + stars: | 2024-05-07 | by ( Bethany Mclean | ) www.businessinsider.com time to read: +23 min

Investors in Blackstone's real-estate fund asked for their money back in droves — more than $15 billion to date. Unless the real-estate market comes roaring back, analysts warn, BREIT could end up shrinking to a fraction of its current size, leaving the fund's investors holding the bag. Only 3% of BREIT's holdings are in office buildings, which have been ground zero for commercial real estate pain. Advertisement"Not all real estate is created equal," BREIT boasted in a recent letter to stockholders, "and where you invest matters." "Commercial real estate is a slow burn," Brian Moynihan, the CEO of Bank of America, recently observed.

Persons: Blackstone, —, BREIT, REITs, Steve Schwarzman, Jeenah, Nate Koppikar, Craig McCann, BREIT's, Chilton, McCann, McCann, Horacio Villalobos, That's, Donald Trump, Robert Chang, Schwarzman, Michael Blackshire, Phil Bak, Stephen Schwarzman, Shannon Stapleton, Brian Moynihan, it's, It's Organizations: BREIT, Orso Partners, Securities Exchange Commission, Blackstone, SEC, Chilton Capital Management, SLCG Economics Consulting, Publicly, University of California, Regents, Armada Investors, Reuters, Bank of America Locations: BREIT, Lisbon, Fideres

☆ Talent war between family offices and Wall Street drives up salaries
▼ + stars: | 2024-05-03 | by ( Robert Frank | ) www.cnbc.com time to read: +5 min

"There's a real war for talent within family offices," said William Sinclair, U.S. head of J.P. Morgan Private Bank's Family Office Practice. According to the report, which surveyed 190 family offices with average assets of $1.4 billion, family offices that manage less than $500 million spend an average of $1.5 million a year for operating costs. Family offices between $500 million and $1 billion spend an average of $2.7 million, and those above $1 billion average $6.1 million. The biggest cost is staffing, which has become more expensive as family offices have tripled in number over the past five years. "If you look back 15 years ago, family offices were where people went to retire and have work-life balance," he said.

Persons: Robert Frank, William Sinclair, Morgan, We've, Trish Botoff, Botoff, Carlyle, Paul Westall, Westall, that's Organizations: Morgan Private Bank Global, Botoff Consulting, KKR, Blackstone, Agreus Locations: U.S

☆ L'Occitane's billionaire owner to take firm private in $1.8 billion deal
▼ + stars: | 2024-04-29 | by ( ) www.cnbc.com time to read: +1 min

Hong Kong-listed L'Occitane International 's chairman and controlling shareholder will take the French skin-care firm private, valuing it at a maximum of HK$13.91 billion (US$1.78 billion), the company said on Monday. As part of the deal, Austrian billionaire Geiger's investment holding company L'Occitane Groupe in Luxembourg will pay HK$34 for each share not already owned, representing a 30.8% premium to the stock's last close of HK$26 on Feb. 5. L'Occitane Groupe owned 72.39% of the cosmetics company at March-end. The investment holding firm does not intend to increase the offer price for the deal, which comes a few months after Geiger shelved a buyout attempt for the company. J.P. Morgan will be the financial advisor for L'Occitane Groupe.

Persons: Reinold Geiger, Geiger, L'Occitane International's, J.P, Morgan Organizations: HK, Reuters, U.S, L'Occitane Groupe Locations: Hong Kong, Austrian, Luxembourg

☆ Goldman Sachs likes these stocks that are growing profitably
▼ + stars: | 2024-04-25 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +4 min

As the equity market's profitability nears its all-time highs, Goldman Sachs recently shared some stocks that could see big growth over the next 12 months. In 2024, Kostin expects margin expansion will continue to support ROE growth. In the same report, Goldman Sachs shared its rebalanced ROE growth basket of stocks, which contains 50 names selected for their expected profit growth over the next 12 months. Rising growth fears, solar compensation cutbacks and rising interest rates sank solar stocks last year, but they've since made a comeback. Consensus estimates for the financials sector reveal that most analysts expect ROE growth to remain flat in the same time period.

Persons: Goldman Sachs, David Kostin, ROE, Kostin, Estée Lauder, Electric's, Goldman, Wells, Janney, Blackstone Organizations: Kostin, Info Tech, Deutsche Bank, GE Aerospace, Communications, Mobile Locations: Wells Fargo, China

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